NEW DELHI, May 3: Nickel prices moved up by almost 1 per cent to Rs 809.40 per kg in futures market today as speculators enlarged their positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend copper and other base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in June gained Rs 7.90, or 0.99 per cent, to Rs 809.40 per kg in business turnover of 161 lots.
In a similar fashion, the metal for delivery in May rose by Rs 7.40, or 0.93 per cent, to Rs 802.30 per kg in 2,422 lots.
Market analysts said apart from increased domestic demand from alloy-makers, a firming trend in base metals at the London Metal Exchange after the European Central Bank reduced interest rates to a record and US filings for unemployment benefit fell to a five-year low, boosting the outlook for demand, mainly supported the upside in nickel futures here. (PTI)
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